India to provide simple tax regime, easier norms for startups

The Agriculture Ministry has sought explanation from the Sahara Group's credit cooperative society after receiving complaints about non-payment of money due to investors.Transparent tax regime, easier registration norms and simple exit policy will be provided to give a boost to start-ups, Commerce and Industry Minister Nirmala Sitharaman said today.

Finance Minister Arun Jaitley has already spoken in different contexts about simplifying taxation and initiatives are already in place, she said.

"Government is working towards ensuring transparency, simplification and predictability in tax structure," she said while replying to question on Twitter chat.

When asked what kind of support government would provide, she said: "Easier registration, compliance and exit (norms), a conducive tax regime, stronger incubation network and rest tomorrow". Tomorrow, Prime Minister Narendra Modi will unveil an action plan for start-ups.

Replying to a question on the biggest outcome of 'Start up India', she said: "A greater synergy between the startups, venture funds, seed funds, incubators, industry and the government".

The minister also said that school curriculum is becoming dynamic to include thoughts about start-ups. She said the Centre would reach out to the states also on promoting budding entrepreneurs.